Home » ACB information FIR in multi-crore mortgage default case | India News

ACB information FIR in multi-crore mortgage default case | India News

by newsking24

JAMMU: The Anti-Corruption Bureau (ACB) of Jammu Police on Saturday registered an FIR within the multi-crore mortgage default case involving Jammu & Kashmir Cooperative Housing Corporation Ltd (JKCHC), whereby massive quantities of the mortgage had been diverted and state land encroached and bought illegally.
Searches had been performed on this regard and incriminating paperwork and articles recovered from the residence of then MD of JKCHCL Brij Bhushan Sharma.
In a written assertion, an ACB spokesperson mentioned {that a} preliminary enquiry was registered based mostly on a grievance acquired from the GAD J&Okay to look into allegations of J&Okay Cooperative Housing Corporation.
“JKCHC had defaulted in repayment of loan amount amounting to more than Rs 40 crore raised from HUDCO. J&K government was the guarantor and 70% of the capital was owned by the government,” a police spokesperson mentioned. The grievance revealed as of July 26, 2017, an quantity of Rs 90 crore together with curiosity was excellent towards the company.
“An enquiry revealed that JKCHCL availed around 27 loans from HUDCO from 1991 to 2001 for acquisition and development of lands for constructing housing colonies in J&K. The probe revealed that the chairman, managing directors and other officials who were at the helm of affairs in JKCHCL had diverted and misappropriated loan amounts to the tune of over Rs 23 crore for various other purposes. It indicated that the management of JKCHCL in conspiracy with each other and other unknown officials had deliberately defaulted in the repayment of the loans,” an official mentioned.
The investigation revealed that unlawful modifications had been carried out within the norms and by-laws of JKCHCL and authorities land and neighborhood land encroached for the event of housing schemes which had been later bought off for a revenue.

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